Safestore (SAFE) H1 2025 earnings summary

Executive summary

• Revenue grew 4% at constant forex in H1 2025, with expansion markets up 17% and mature markets in the U.K. and Paris up 1.6% and 0.8% like-for-like, respectively.

• Underlying EBITDA declined 1.5% to £66.1m, reflecting inflationary cost pressures and investments in new stores.

• Interim dividend increased 1% to 10.1p per share, reflecting confidence in cash flows and a progressive policy.

• Expansion included 10 new stores and entry into the Italian market via a JV with Nuveen, with a robust pipeline of 16 stores for 2026+.

• Maintained a strong balance sheet, with LTV at 27.4% and EPRA NTA of £11.17 per share.

Financial highlights

• Group revenue rose to £112.8m, up 3.3% year-over-year; like-for-like revenue at CER up 2.8%.

• Underlying EBITDA at £66.1m, down 1.5% year-over-year; adjusted diluted EPRA EPS at 19.0p.

• Free cash flow at £36.1m, net debt at £1,011m, and investment property value at £3,310m.

• EPRA basic NTA per share increased 2% to 1,117p as of 30 April 2025.

• Store EBITDA margin at 67.6% for H1 2025.

Outlook and guidance

• FY 2025 outlook unchanged; LFL cost and interest charge expected at the lower end of guidance.

• Q3 trading revenue expected to improve year-over-year, with positive momentum in the U.K.

• Development pipeline expected to deliver £35–40m incremental EBITDA on stabilisation.

• H2 2025: 4 new stores opening; FY 2026+: 16 new stores planned.